| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 80 | 8.9x | 17.3x | Top tier | |
Growth | 36 | 5.6% | 7.1% | Bottom tier | |
Quality | 89 | — | — | Top tier | |
Safety | 9 | — | — | Bottom tier | |
Capital Return | 73 | 4.73% | 0.06% | Top tier | |
Momentum | 82 | 51.7% | -1.6% | Top tier | |
Sentiment | 74 | 3 | 3 | Top tier |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
ING Groep N.V. operates in retail, corporate, and private banking, generating income from lending, deploying deposits, and fees from investment, payments, and financial services. Its Growing the difference strategy focuses on turning customers into primary banking customers, then expanding the products and balances associated with each relationship; in quarter 2 of fiscal year 2026 (ended 2026-06-30), ING added approximately 377,000 mobile primary customers, with additions exceeding one million customers over the last 12 months through that date. Its retail base of 41 million customers provides scope to expand investment services, which are used by approximately 5.3 million customers, according to the results presentation dated 2026-07-30.
Earnings per share rose 16% in quarter 2 of fiscal year 2026 compared with the same quarter of the previous fiscal year, and return on tangible equity reached 17% in that quarter. Net income totaled 8.3 billion euros in fiscal year 2025 (ended 2025-12-31), compared with 5.3 billion euros in fiscal year 2024 (ended 2024-12-31). In terms of activity in quarter 2 of fiscal year 2026, retail banking fees increased 16% and corporate banking fees increased 11% compared with the same quarter of the previous fiscal year; net core lending increased by 12.1 billion euros in retail banking and 3 billion euros in corporate banking, illustrating retail banking's substantial contribution to credit expansion.
Increased activity was accompanied by controlled capital consumption in quarter 2 of fiscal year 2026; risk-weighted assets declined by 2.4 billion euros compared with the previous quarter, and the Common Equity Tier 1 capital ratio reached 13.1%. Risk costs totaled 279 million euros, equivalent to 15 basis points of average customer lending, compared with the bank's through-the-cycle average of 20 basis points. The central issue is ING's ability to sustain growth in fees and banking relationships while maintaining credit quality and deposit profitability.
When: 2026-10-29
Annual fee growth at the 14% threshold in the expected earnings announcement
Common Equity Tier 1 capital ratio at the 13.1% threshold in the expected earnings announcement
Cost of risk at the 20 basis point threshold in the expected earnings announcement
The industry-multiple value is 30 dollars, within a range of 26 dollars to 34 dollars, and measures ING's valuation based on book value at a median multiple of 1.5 across 16 companies. The median target from 4 analysts is 23 dollars in the 2026-10-19 snapshot, a low-confidence indicative estimate reflecting growth expectations, while the analyst consensus records a Buy recommendation and an average target of 22.5 dollars. The two analyst readings are close to each other and below the industry-multiple value because the former prices future expectations while the latter applies peer pricing to book value; analyst targets tend to be optimistic by nature. The valuation pillar scored 65 out of 100 within the industry using data as of 2026-06-30, reflecting the company's relative position according to valuation measures.
Figures in the text are as of 2026-10-20; the live price is shown at the top of the page.
ING relies on expanding investment services, private banking, and payments, alongside its subscription model. Fees rose 14% in quarter 2 of fiscal year 2026 (ended 2026-06-30) compared with the same quarter of the previous fiscal year, with retail fees growing 16% and corporate fees growing 11%. In the 2026-07-30 presentation, management raised its fee outlook to 5 billion euros for fiscal year 2026 and to a range of 5.3 billion euros to 5.5 billion euros for fiscal year 2027.
Management confirmed on 2026-07-30 that the regular distribution policy remains 50% of net profit. Starting in quarter 1 of fiscal year 2026, the bank began setting aside regular and potential additional distributions outside Common Equity Tier 1 capital, in line with European Banking Authority guidance. Additional distributions remain linked to structurally surplus capital above 13% and growth requirements, so setting aside the full result for quarter 2 of fiscal year 2026 (ended 2026-06-30) does not constitute a commitment to distribute it in full.
Automated analysis for informational purposes only — not investment advice.
When: Fiscal year 2026
Achieving fee income of 5 billion euros
Core deposits increased by 15.9 billion euros in quarter 2 of fiscal year 2026 (ended 2026-06-30) compared with the previous quarter, but the increase included seasonal inflows in the Netherlands and campaigns in Germany. Management explained on 2026-07-30 that approximately one-third of new campaign funds typically leave after campaigns end. It also acknowledged continued competition for deposits, so the quality of growth depends on retaining funds and the profitability of the customer relationship, rather than inflow volumes alone.
ING explained on 2026-07-30 that Agentic mortgages in the Netherlands reduced approval times for more complex mortgages from 7 days to 5 days. The service enabled more applications to be processed with the same staff, while some simpler digital mortgages in markets such as Germany can be completed within 30 minutes. These applications support the bank's ability to expand activity without a corresponding increase in employee numbers, but they do not represent a separately disclosed earnings figure.
Risk costs totaled 279 million euros in quarter 2 of fiscal year 2026 (ended 2026-06-30), equivalent to 15 basis points of average customer lending compared with the bank's through-the-cycle average of 20 basis points. The Common Equity Tier 1 capital ratio reached 13.1%, with risk-weighted assets benefiting from relief of 1 billion euros through a credit risk transfer transaction. Management confirmed on 2026-07-30 that the use of these transactions is not intended to materially change risk appetite or credit underwriting standards.